PNC Bank Phasing Out Free Checking Accounts

By Becky Brindle

PNC Bank will stop offering free checking accounts to customers in the next 12 months, including customers of the PNC Bank branches on University Boulevard, Beaver Grade Road, Noblestown Road and the Fourth Avenue branch.

"This is part of our long-term strategy to remain financially strong and invest more in technology and the services that enable customers to bank when and where they want," PNC Bank stated in a news release.

The bank has started to notify all customers that "every account, with the exception of Foundation Checking, will have a minimum balance requirement and other options to keep the account free."

Customers who currently have PNC's free checking accounts will have their accounts transferred in June 2014 to a new account called Standard Checking. In order to maintain free checking in a Standard account, customers will have to have a $500 average monthly balance, have $500 in combined monthly direct deposits or be 62 years or older, according to the Pittsburgh Tribune-Review.

The Pittsburgh Post-Gazette reports that nine out of 10 customers have balances that exceed the new minimum requirement and will not be affected.

Click here to learn more about PNC checking options.

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